Fifty Second Meeting – 18 February 2011

  • The Minutes and Resolutions of the previous meeting were approved.
  • It was reported that there were 174 victims as at 8 February 2011, according to the figures on the National CJD Surveillance Unit website. However, Field Fisher Waterhouse was aware of 180 victims. Main Applications had been received in relation to 178 claims.  By the end of this meeting, the Trustees had considered 175 of the claims submitted to date.  The Trustees had considered a total of 390 claims for £5,000 Psychiatric Injury, 205 claims for Particular Emotional Hardship and 40 claims for Particular Financial Hardship.
  • The meeting included consideration of two claims for Psychiatric Injury and two new claims. One of the two new claims was for the first victim to fall within the new Scheme.
  • £38.07m had been paid in compensation by the date of the meeting. £12.6m had been paid for costs, expenses and taxes, which included £5.27 million in relation to Charles Russell’s fees (inc VAT), £107,000 in relation to Field Fisher Waterhouse’s fees (inc VAT), £3.52 million in relation to Irwin Mitchell’s fees (inc VAT) and £245,000 in relation to other solicitors fees and expenses (inc VAT).
  • Cazenove Capital Management presented a proposal for investment of £12m of the Trust money. Their proposals took into account the Trustees’ absolute requirement for capital preservation, whilst seeking better returns than were provided for by the very low rates of interest offered by banks. The Trustees resolved that it was proper and appropriate to put into place an investment portfolio that would protect and, if possible, grow the money.  The Trustees requested further information in relation to the proposals from Cazenove.
  • The Trustees also discussed how inflation had eroded the true value of the fixed sums paid to beneficiaries. They considered whether it would be appropriate to increase the Basic Sum at regular intervals to reflect the changing value of money over time.  They resolved to obtain Trust advice from Suzanne Marriott at Charles Russell and consult the Department of Health on the point.